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Reckon/Quickbooks – How to overcome the warning when changing tax code in general journal – ‘You cannot enter a transaction that contains both Sales and Purchase Tax Items…”

Reckon/Quickbooks – How to overcome the warning when changing tax code in general journal – ‘You cannot enter a transaction that contains both Sales and Purchase Tax Items…”

‘You cannot enter a transaction that contains both Sales and Purchase Tax Items…”

If you created a General Journal but after saving need to change the tax code and avoid the warning you are getting on that General Journal ‘You cannot enter a transaction that contains both Sales and Purchase Tax Items…”

A Solution is –

  • Open the transaction
  • Click on the tax code once to highlight it blue
  • Hit DELETE button on key-board
  • TAB out of the field – OR – arrow up or down to next line
  • Arrow back or click in the field
  • TYPE the code or select from the list
  • TAB to next field
  • Click Save or Alt+A

Need help? Not sure? Call for FREE 30min Advice / Strategy session today!

        Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

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Business Tips – The Process of Selling and Tips to Improve

Business Tips – The Process of Selling and Tips to Improve

The Process of Selling and Tips to Improve

Selling can either freeze you or excite you – and for many its FREEZE or Repel!

Here are some tips from – When ‘No’ means ‘Yes’ – 6 Tips to Make you A Better Salesperson, where there are also great examples of ways to be empathetic and LISTEN when selling!

    1. NEVER HANG-UP ON A PROSPECT – It is not your job to say ‘NO’ on behalf of your prospect. If you’re going to assume anything, assume the sale. (*With the exception of abusive prospects… Hang-up with gusto, my friend!)
    2. LISTEN TO THE FACTS – Example if you get “We’re okay for SEO” mean? …(A)… salesperson should not respond to this information that the prospect gave, and instead translate this to mean “I will never buy from you.”? In actual fact (FACT – I am the one who said this, so I know), “We’re okay for SEO” actually meant “I am not pedestrian enough to buy into your sleazy pick-up lines, Miss Salesperson… But I am in the market for SEO, so please try harder.”
    3. TRANSLATE THE FOB-OFF – If you choose to believe a fob-off “objection” from clients (eg “We’re fine for SEO thanks”), you are wasting your time, and simply won’t get anywhere. If you continue to buy in to the fob-offs you are served, you will have to go through more and more crap calls like this to get anywhere… How will you hit your target? BE REALISTIC and do not give up until you have unearthed a REAL reason – a REAL objection to overcome. If it’s real, you’ve done your job – fine.
  1. DIG,DIG,DIG! – If somebody says “NO” to you, or gives you a fob-off response, there is ALWAYS a reason. It may not be a good one – it may be “I am scared of salespeople and don’t want to be sold” or “I am busting for the toilet, but can’t tell you that!” – but there is ALWAYS a reason. Your job is to A) read between the lines to determine whether or not the objection given is actually realistic and B) Dig up the REAL objection… Rookies shy away from objections, but you WANT the REAL reasons why somebody doesn’t want to buy, so you can overcome it and CLOSE THE DEAL. So how do you dig? Keep asking questions… Questions that have purpose.
  2. NO PERSISTENCE = NO PASSION = IMPERSONALISATION – When a salesperson doesn’t persist, it shows lack of passion… Lack of faith in their product/service, and lack of belief that this product/service can solve a problem for their prospect. Furthermore, when a salesperson gives up on a prospect too quickly, it sends the message to the prospect that they are just another number. Sure, persistence can be naggy and annoying, but lack of persistence can strike a salesperson or brand/business off the prospects list forever. SHOW PASSION!
  3. DON’T ASSUME YOU KNOW WHAT THEY WANT This goes hand-in-hand with digging/probing for objections and client needs. Sometimes prospective clients are just waiting for the salesperson to say the right thing… Sometimes the prospect IS in the market, and they have done a sh*tload of research… They’re just waiting for that one little keyword to make their ears stand up. But heck – they’re not just going to GIVE you the sale… Are you serious?? It is YOUR job to discover what tickles their fancy. Take me for example… Being a passionista of the sales process, I A) Give good salespeople my ear, B) Feel no obligation to make things easier for bad salespeople than I would for a good salesperson and C) Like to flesh out the sales call to see where it goes. I allow salespeople to take me on their own path… If they lead me down the wrong way, that’s their loss… I’m going to give them donuts. If they’re good – if they say all the right things and actually spark my interest, I will consider and take them seriously. That’s what want. That’s weird. So what does the next guy/girl want? Don’t assume you know… Pay attention & go with it.

Get a FREE 30 min answer to your query, and FREE ongoing email or phone support – no-one offers as much! Call and you also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right! Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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MYOB – SuperStream and how MYOB Account Right is ready

MYOB – SuperStream and how MYOB Account Right is ready

MYOB – SuperStream and how MYOB Account Right is ready

SuperStream is an improvement in the productivity of the superannuation system and MYOB Account Right is ready. The new SuperStream works by introducing common data items, electronic communications, simpler channels and faster business processes for sending employer contributions.

Under SuperStream, employers must start to make super contributions electronically. The contribution data is sent electronically in a new message format to the fund, and the contribution payment is sent electronically through the banking system.

The data message and payment are linked by a payment reference number, which enables reconciliation by the receiving fund.

Many of the key components required for this change, including e-commerce infrastructure and software solutions, are already in use in the marketplace. Others are currently undergoing development and trials before being implemented.

SuperStream is mandatory for all employers making super contributions, APRA-regulated super funds and self-managed superannuation (SMSFs) fund receiving contributions.

MYOB have a video to explain more Set up Pay Superannuation to make super payments directly from AccountRight, meet your employee super obligations in a flash and always stay on top of government changes, including SuperStream. The best bit? It’s free with your AccountRight subscription. You might like to check out our list of super funds you can currently pay using Pay Superannuation. Note that self-managed super funds aren’t available yet, but we’re working on it.

Here is the video link (https://youtu.be/9_XnE6NWTsg )

If you want to get MYOB Account Right (AR) – call us for a competitive quote and extra bonuses in addition to what normal MYOB bonuses and support are supplied – 0407 361 596.

If you already have AR, or once you are set up on AR, here’s how to get started:

1

Sign up for Pay Superannuation

 2

Check super fund and employee details

3

Make superannuation payments

Need help? Not sure? Call for FREE 30min advice / strategy session today! 0407 361 596 Aust

***BEFORE you BUY Ask us for a competitive software price BELOW retail – No obligation!

You also get FREE 30 min to assist in setting up your company in the software, and FREE ongoing email or phone support – No-one offers as much! Call and you also get FREE“Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia


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Business Finance 101 – The Cashflow Statement – Explanation for business owners

Business Finance 101 – The Cashflow Statement – explanation for business owners

Business Finance 101 – The Cashflow Statement – explanation for business owners

There are three financial statements that are commonly given for a business―a profit & loss or income statement, a balance sheet or statement of position, and a cashflow statement (or statement of cash flows). The purpose of the cashflow statement is to highlight the major activities that directly and indirectly impact cash flows and hence affect the overall cash for the business.

Business owners should monitor cash for a very good reason―without a sufficient cash balance at the right time, a company can miss golden opportunities or may even fall into bankruptcy.  The cash flow statement answers questions that cannot be answered by the income statement and a balance sheet. For example a statement of cash flows can be used to answer questions like where did the company get the cash to pay dividend of nearly $14,000 in a year in which, according to profit & loss / income statement, it lost more than $10,000?

The cashflow statement is a valuable analytical tool for business managers as well as for investors and creditors, although managers tend to be more concerned with forecasted statements of cash flows that are prepared as a part of the budgeting process. The statement of cash flows can be used to answer crucial questions such as the following:

  1. Is the company generating sufficient positive cash flows from its ongoing operations to remain viable?
  2. Will the company be able to repay its debts?
  3. Will the company be able to pay its usual dividends?
  4. Why is there a difference between net profit/income and net cash flow for the year?
  5. To what extent will the company have to borrow money in order to make needed investments?

For the statement of cash flows to be useful, it is important to use a common definition of cash. It is also important that a statement be constructed using consistent guidelines for identifying activities that are sources of cash and uses of cash. The proper definition of cash is broadly defined to include both cash and cash equivalents.

Cash equivalents (applicable more for large companies) include short term, highly liquid investments such as treasury bills, commercial paper, and money market funds that are made solely for the purpose of generating a return on temporary idle funds. Instead of simply holding cash, most large companies invest their excess cash reserves in these types of interest bearing assets that can be easily converted into cash. These short term liquid investments are usually included in marketable securities on the balance sheet. Since such assets are equivalent to cash, they are included with cash in preparing a statement of cash flows

The 3 sections of cash flow statement (each has an inflow and outflow section):

Operating Activities: (mostly income statement / profit & loss)

Operating activities shows the cash effects of transactions such as –

  • Cash receipts from sales of goods and services and
  • Cash payments to suppliers and employees for acquisition of inventory, taxes, interest on loans

Investing Activities: (mostly long term assets)

Investing activities generally show long term assets (and sometimes debt/equity securities) which include –

  • Sale/disposing of plant, equipment
  • Sale of debt or equity securities
  • Acquiring plant and equipment
  • Acquiring debt or equity securities

Financing Activities: (mostly long term liabilities and equity)

Financing activities involve liability and stock holder’s equity items and include obtaining cash from creditors and repaying the amounts borrowed and obtaining capital from owners and providing them with a return on, and a return of, their investment.

  • Increase in debt / loans taken on
  • Payment/Redemption of debt facilities / loans
  • Dividends paid

Next month we will work through an example

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust and also get FREE “Avoid these GST mistakes” – There’s 18 that the Tax Office see regularly – Get them right!

Email info@accountkeepingplus.com.au or call 0407 361 596 Australia